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Koillismaa - Naranka Nickel-Copper-PGE Project, Finland - Option Agreement Signed
Koillismaa - Naranka Nickel-Copper-PGE Project, Finland - Option Agreement Signed.
About this update from Nortec Minerals Corp
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, June 28 /CNW/ - Further to the news release dated May 8, 2006,\nNortec Ventures Corp., (\"Nortec\" or the \"Company\"), is pleased to announce\nthat an Option Agreement (the \"Agreement\") was signed on June 23, 2006, with\nAkkerman Exploration B.V. (\"AEbv\"), of the Netherlands, to form a joint\nventure on the Koillismaa - Naranka Nickel-Copper-PGE project in Northeastern\nFinland (\"Kollismaa-Naranka\").\nA systematic airborne, deep penetrating VTEM (time-domain electromagnetic\nsystem) survey over the landholdings controlled by AEbv is being planned for\nthis summer. This survey will assist in locating massive sulphide targets\ndirectly from airborne anomalies followed by, if successful, scout diamond\ncore drilling of approximately 4000 metres. The initial program expenditures\nfor the summer campaign are expected to be in the range of (euro) 150,000 to\n(euro) 200,000.\nUnder the Agreement, Nortec has the right to an undivided 60% interest in\nKollismaa-Naranka by funding and incurring initial exploration expenditures of\n(euro) 750,000 over an Earn-in period of 2 to 3 years from the date of the\nAgreement. The Company can earn a further 10% for a total of 70% interest by\nincurring exploration expenditures of (euro) 2.5 million or completion of a\nbankable feasibility study, whichever is earlier. Nortec paid AEbv 400,000\ncommon shares of the Company and will make the following payments to AEbv on\nthe Agreement anniversary dates:\n\n>\n\nThe Koillismaa-Naranka complex is one of the largest mafic igneous\nsystems in Scandinavia, comprising the Narankavaara ultramafic funnel shaped\ndike in the east and the Koillismaa layered intrusion in the west. AEbv\ncontrols 6 claim reservations and has applied for 19 exploration licenses,\ntogether covering a surface area of approximately 50 square kilometres over\nthe most prospective central part of the Naranka dike and part of the\nKoillismaa layered intrusion (Portivaara Block).\nPast exploration on the Portivaara block was limited to short diamond\ndrilling programs by Outokumpu, the Geological Survey and North Atlantic\nNickel during the period 1960-2003. These programs were mainly focused on the\nnickel-copper-PGE mineralization along the shallow dipping basal contact of\nthe layered sequence. Numerous previous drill holes through these basal series\nretur...